Peapack-Gladstone Financial Corporation (NASDAQ:PGC - Get Free Report) announced a quarterly dividend on Thursday, June 26th, Wall Street Journal reports. Stockholders of record on Thursday, August 7th will be given a dividend of 0.05 per share by the financial services provider on Thursday, August 21st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date is Thursday, August 7th.
Peapack-Gladstone Financial has a payout ratio of 5.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Peapack-Gladstone Financial to earn $4.04 per share next year, which means the company should continue to be able to cover its $0.20 annual dividend with an expected future payout ratio of 5.0%.
Peapack-Gladstone Financial Stock Up 2.7%
Shares of PGC stock traded up $0.70 during mid-day trading on Friday, reaching $26.58. 46,057 shares of the company were exchanged, compared to its average volume of 93,086. The company has a market capitalization of $471.44 million, a P/E ratio of 14.52 and a beta of 0.86. The business's 50 day simple moving average is $28.23 and its 200 day simple moving average is $29.31. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.94 and a current ratio of 0.95. Peapack-Gladstone Financial has a fifty-two week low of $23.96 and a fifty-two week high of $37.88.
Peapack-Gladstone Financial (NASDAQ:PGC - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The financial services provider reported $0.45 earnings per share for the quarter, missing analysts' consensus estimates of $0.61 by ($0.16). Peapack-Gladstone Financial had a net margin of 7.62% and a return on equity of 5.29%. The company had revenue of $69.74 million for the quarter, compared to the consensus estimate of $69.77 million. Research analysts predict that Peapack-Gladstone Financial will post 2.71 earnings per share for the current year.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on PGC. Keefe, Bruyette & Woods dropped their price target on Peapack-Gladstone Financial from $38.00 to $35.00 and set an "outperform" rating on the stock in a research note on Wednesday. Wall Street Zen raised Peapack-Gladstone Financial from a "sell" rating to a "hold" rating in a research note on Saturday, June 7th. Finally, Raymond James Financial began coverage on Peapack-Gladstone Financial in a research note on Friday, April 11th. They issued a "strong-buy" rating and a $39.00 price target on the stock.
Check Out Our Latest Report on Peapack-Gladstone Financial
Insiders Place Their Bets
In other Peapack-Gladstone Financial news, CEO Douglas L. Kennedy bought 3,720 shares of the stock in a transaction on Wednesday, July 23rd. The shares were bought at an average price of $26.24 per share, with a total value of $97,612.80. Following the purchase, the chief executive officer directly owned 39,129 shares in the company, valued at $1,026,744.96. The trade was a 10.51% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 7.63% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Peapack-Gladstone Financial
Institutional investors and hedge funds have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Peapack-Gladstone Financial by 4.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,939 shares of the financial services provider's stock valued at $282,000 after buying an additional 390 shares in the last quarter. Royal Bank of Canada grew its stake in shares of Peapack-Gladstone Financial by 40.4% in the 1st quarter. Royal Bank of Canada now owns 10,675 shares of the financial services provider's stock valued at $302,000 after buying an additional 3,070 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Peapack-Gladstone Financial by 8.5% in the 1st quarter. Empowered Funds LLC now owns 55,450 shares of the financial services provider's stock valued at $1,575,000 after buying an additional 4,329 shares in the last quarter. Finally, Jane Street Group LLC grew its stake in shares of Peapack-Gladstone Financial by 119.7% in the 1st quarter. Jane Street Group LLC now owns 52,173 shares of the financial services provider's stock valued at $1,482,000 after buying an additional 28,428 shares in the last quarter. Hedge funds and other institutional investors own 72.75% of the company's stock.
About Peapack-Gladstone Financial
(
Get Free Report)
Peapack-Gladstone Financial Corporation operates as the bank holding company for Peapack-Gladstone Bank that provides private banking and wealth management services in the United States. The company operates in two segments, Banking and Peapack Private. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.
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